Jacobs Levy Equity Management Inc. Makes New Investment in NBT Bancorp Inc. $NBTB

Key Points

• Jacobs Levy Equity Management Inc. has purchased 46,863 shares of NBT Bancorp Inc., valued at approximately $2,010,000, increasing its stake to 0.10% in the company.
• Analysts have upgraded NBT Bancorp's stock rating, with current consensus ratings showing two "Buy" ratings and three "Hold" ratings, along with a price target of $52.00.
• NBT Bancorp has announced a quarterly dividend of $0.37 per share, which is an increase from its previous dividend of $0.34, reflecting a yield of 3.4%.

Jacobs Levy Equity Management Inc. bought a new stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 46,863 shares of the bank's stock, valued at approximately $2,010,000. Jacobs Levy Equity Management Inc. owned about 0.10% of NBT Bancorp as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC grew its holdings in shares of NBT Bancorp by 45.0% in the 1st quarter. AQR Capital Management LLC now owns 13,630 shares of the bank's stock valued at $585,000 after buying an additional 4,231 shares during the period. Royal Bank of Canada grew its holdings in shares of NBT Bancorp by 22.3% in the 1st quarter. Royal Bank of Canada now owns 40,303 shares of the bank's stock valued at $1,729,000 after buying an additional 7,349 shares during the period. AlphaQuest LLC boosted its stake in NBT Bancorp by 13.2% in the 1st quarter. AlphaQuest LLC now owns 10,325 shares of the bank's stock worth $443,000 after purchasing an additional 1,200 shares during the period. Raymond James Financial Inc. boosted its stake in NBT Bancorp by 3.6% in the 1st quarter. Raymond James Financial Inc. now owns 513,243 shares of the bank's stock worth $22,018,000 after purchasing an additional 18,035 shares during the period. Finally, Stone House Investment Management LLC acquired a new position in NBT Bancorp in the 1st quarter worth $88,000. Institutional investors own 58.46% of the company's stock.

Insider Activity

In other NBT Bancorp news, Director David J. Nasca sold 19,603 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.42, for a total transaction of $851,162.26. Following the transaction, the director owned 82,910 shares in the company, valued at $3,599,952.20. This represents a 19.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.03% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on NBTB shares. Piper Sandler upgraded shares of NBT Bancorp to a "neutral" rating and set a $47.00 price objective for the company in a research note on Tuesday, July 8th. DA Davidson increased their price objective on shares of NBT Bancorp from $53.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Finally, Wall Street Zen upgraded shares of NBT Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $52.00.

NBT Bancorp Stock Performance

NBT Bancorp stock traded down $0.53 during trading hours on Tuesday, hitting $42.27. The company had a trading volume of 152,358 shares, compared to its average volume of 147,246. The firm has a market cap of $2.21 billion, a PE ratio of 15.26 and a beta of 0.60. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.88 and a quick ratio of 0.88. NBT Bancorp Inc. has a one year low of $37.31 and a one year high of $52.44. The firm has a 50-day moving average of $42.91 and a 200 day moving average of $42.40.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The bank reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.06. The firm had revenue of $171.15 million for the quarter, compared to analysts' expectations of $171.04 million. NBT Bancorp had a net margin of 16.10% and a return on equity of 9.81%. On average, sell-side analysts expect that NBT Bancorp Inc. will post 3.69 earnings per share for the current year.

NBT Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 1st were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Friday, August 29th. This is a boost from NBT Bancorp's previous quarterly dividend of $0.34. NBT Bancorp's dividend payout ratio (DPR) is currently 53.43%.

NBT Bancorp Company Profile

NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.